AmanahRaya REIT acquires private education asset in Glenmarie, Shah Alam for RM31.4mil


From left: Pacific Trustees Bhd director George Cheah, AmanahRaya-Kenedix REIT Manager Sdn Bhd managing director Tunku Rozita Tunku Abdul Malek, AmanahRaya-Kenedix REIT non-independent, non-executive director Shahlan Md Shukor, Amanah Raya Bhd group managing director Ahmad Feizal Sulaiman Khan, Stuttgart Holdings Sdn Bhd director Lim Chun Pang and Stuttgart director Lim Seng Hock.

KUALA LUMPUR: AmanahRaya Real Estate Investment Trust (AmanahRaya REIT) has acquired a private education asset for RM31.4mil in Glenmarie, Shah Alam, Selangor.

In a statement, AmanahRaya REIT said the acquisition, made through its trustee, Pacific Trustees BHd, is a strategic move to enhance its portfolio to be a leading educational REIT with high-quality income-generating assets.

The acquisition includes taking over the existing tenancy agreement with Tinta Pendidikan Sdn Bhd (TPSB), securing a 15-year lease on a triple net basis.

It said the arrangement is expected to give AmanahRaya REIT a stable and growing income stream, starting with a 6% net yield and enhanced by pre-agreed double-digit rent increases every three years.

AmanahRaya REIT said the freehold property is currently occupied by TPSB, a well-regarded private education provider offering preschool, primary, and secondary education.

“We are excited to add this private education property to our portfolio. Its strategic location and long-term lease with TPSB aligns perfectly with our strategy of securing stable, recurring income for our unitholders.

“This is our first acquisition in six years since 2018. We are confident that this investment will strengthen our earnings and positively impact our financial performance over time,” AmanahRaya Kenedix REIT Manager Sdn Bhd (AKRM) managing director Tunku Rozita Tunku Abdul Malek said.

The acquisition, to be funded through AmanahRaya REIT’s current bank financing and internal funds, is expected to be completed by the first quarter of 2025.

AmanahRaya REIT

   

Next In Business News

Shopify and Gdex tie up to assist retail businesses in Malaysia
Dollar climbs, stocks retreat after Trump vows tariffs
TP TEC Holding receives approval for LEAP Market listing
China revises PV industry standards
ACE Market-bound Winstar Capital targets RM19.79mil from IPO
Pharmaniaga anticipates further growth for concession segment
Maybank records higher net profit of RM2.54bil in 3Q
E&O expects sales momentum to continue
Matrix Concepts registers new sales of RM341.7mil in 2Q
KLCI gets big lift from IHH, PetDag

Others Also Read